Stock Market Today: Sensex, Nifty Halt Three Day Gaining Streak As Banks, I.T. Pharma Drag
The S&P BSE Sensex closed down 317 points or 0.52% at 61,002.57 while the NSE Nifty 50 was 92 points or 0.51% lower at 17,944.20.
KEY HIGHLIGHTS
FPIs Snap Five-Day Buying Streak To Turn Net Sellers
Foreign investors in Indian equities turned net sellers on Friday, ending a five-day buying streak.
Foreign portfolio investors offloaded up equities worth Rs 624.61 crore, according to data from the National Stock Exchange.
Domestic institutional investors snapped four-day buying streak and turned sellers, they offloaded stocks worth Rs 85.29 crore. They snapped a 13-day buying streak on Feb. 9.
Foreign institutions have remained net sellers of Rs 42,873.05 crore of Indian stocks so far in 2023.
Yield On The 10-Year Rises
The yield on the 10-year bond closed 5 bps higher at 7.37% on Friday. It closed at 7.32% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 11 paise to 82.83 at close against the greenback on Friday. It closed 82.72 on Thursday.
Source: Bloomberg
Sensex, Nifty Snap Three Day Gaining Streak
Indian equity benchmarks declined through Friday to close lower in trade, snapping the winning streak from the last three sessions. Nifty slipped below 18,000 points on Friday.
Following a week of volatile swings led by Adani Group company stocks, the headline indices rose this week.
Dollar rallied, Asian and European stocks dropped, whereas the Wall Street equity futures slid with the expectations of steeper U.S. rate hikes, following the comments by two Federal Reserve officials.
Most of the dollar bonds issued by the conglomerate Adani Group exited distressed territory after it said it will address upcoming maturities of the debt. The move is seen as the group’s latest effort to boost investor sentiment after a rout sparked by the short-seller Hindenburg Group's report.
The S&P BSE Sensex closed down 317 points or 0.52% at 61,002.57 while the NSE Nifty 50 was 92 points or 0.51% lower at 17,944.20.
Larsen and Toubro Ltd., UltraTech Cement Ltd, BPCL Ltd., Hero MotoCorp Ltd., and Asian Paints Ltd. were the top gainers in the gauge.
Whereas, Adani Enterprises Ltd., Nestle India Ltd., IndusInd Bank Ltd., SBI Life Insurance Co., and HDFC Life Insurance Co. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices declined and underperformed the larger peers; S&P BSE MidCap was down 0.75%, whereas S&P BSE SmallCap was lower by 0.24%.
Fifteen the 20 sectors compiled by BSE declined led by S&P BSE Realty, S&P BSE Bankex, S&P BSE Information Technology and S&P BSE Teck, while five sectors advanced in trade.
The market breadth was skewed in the favour of bears. About 1,509 stocks rose, 1,941 declined, and 140 remained unchanged on the BSE.
Followed by a positive budget week and a week of volatility led by the moves in Adani group stocks, the headline indices advanced in the third week of February.
This week, S&P BSE Sensex was up 0.53%, whereas NSE Nifty 50 was higher by 0.49% in trade.
Indices ended mixed in trade last week, with Sensex declining by 0.26% and Nifty closing 0.01% higher.
Sectorally, Nifty IT, Metal, and FMCG indices gained this week.
On the other hand, Nifty Media, PSU bank, Realty, Phatma, Midcap 100, Smallcap 100 and Banks declined over 1% this week.
ADIA, TPG And Brookfield Complete $200 Million Investment In UPL Unit
ADIA, TPG and Brookfield complete investment of Rs 1,580 crore ($200 million) for 9.09% stake in UPL Sustainable Agri Solutions Ltd.
The funds will be utilised to meet the debt reduction target of $500 million by the end of March 2023.
Source: Exchange filing
